TAXATION OF SALARY INCOME - INTRODUCTION
TAXATION OF SALARY INCOME - INTRODUCTION
• Any income shall be chargeable to tax u/h ‘salary’ if there exists a relationship of employer-employee between the payer and the payee.
MPs, MLAs are not employees of the Central Government/State Governments and therefore remuneration received by such MPs & MLAs is not chargeable to tax u/h 'salary.; rather such income is chargeable to tax u/h 'other sources'
As per Section 28, salary, bonus, commission, etc paid by a partnership firm to its partners is taxable in the hands of the partners u/h PGBP to the extent such remuneration has been allowed as deduction to the firm u/s 40(b).
Remuneration received by an employee
director is taxable
u/h 'salary' whereas
remuneration received by a non- employee director is taxable u/h 'other sources'.
• Full-Time Employment v/s Part-Time Employment :
It does not matter whether the employee is a full-time employee or a part-time one. Once the relationship of employer and employee exists, the income is to be charged u/h salary.
Demo Classes of Tax by Prof. Vinit Sir: https://www.conceptonlineclasses.com/demovideos
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#TAXATIONOFSALARYINCOME
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